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AUDIT_2025_01_16_MINUTESThe City of Lake Forest AUDIT COMMITTEE Proceedings of the January 16, 2025 Meeting 5:15 p.m. – City Hall, 220 E. Deerpath Minutes I. Call to Order and Roll Call Chairman Dillon called the meeting to order at 5:15 p.m. Audit Committee Members present: Chairman Dillon, Mr. Durkin, Ms. Larisey and Mr. Nowlin. Absent: Finance Committee Chairman Weber and Mayor Tack. Quorum present. City staff present: Elizabeth Holleb, Finance Director; Diane Hall, Assistant Finance Director; Mark Krygeris, Staff Accountant; Jamese Scott, Staff Accountant; Mike Wick, Director of Parks and Recreation; Cameron Burrel, Interim Director of Innovation and Technology; Tony Canania, IT Systems Administrator; Todd Nahigian, Croya Manager Others present: Susan Kullby, Henry Sackman, Megan Engelberg from the Croya Foundation and Steve Potsic (by phone), Paul Lemieux, JoAnn Desmond ad Mark Dewart of the LFLB Senior Resources Commission. Mr. Mark Dillon, Chairman announced Audit Committee member Hirsch resigned and the Caucus was working on a replacement. In addition, he would be recusing himself from the LFLB Senior Resources Commission discussion because he is currently on the board. II. Consent Agenda Approval of Minutes From Audit Committee Meeting Held on October 17, 2024 Ms. Larisey made a motion to approve the minutes from the October 17, 2024 Audit Committee meeting. The motion was seconded by Mr. Nowlin. The motion carried unanimously by voice vote. III. Croya Foundation – Financial Presentation Mr. Dillon read a statement as to the purpose of the Audit Committee as it relates to each Foundation. Mr. Todd Nahigian, Croya Manager provided a financial summary of the Foundation. The Foundation raises funds for specific projects. On odd years, the Foundation has a large fundraiser, which was to be held in February. Currently raising funds to remodel the Croya kitchen. The Foundation provides grants and scholarships to students each year. Changes in the Foundation board were reviewed. The board began investing in 2023 and will be looking at the cash balance after the kitchen renovation is completed. The Committee discussed where the funds are currently invested and requested additional information. Mr. Nahigian reviewed awards/scholarships and current programming as it relates to the financial statements. The Committee requested clarification of the location of awards in the financial statements. IV. Lake Forest-Lake Bluff Senior Citizens Foundation – Financial Presentation Mr. Dillon read a statement as to the purpose of the Audit Committee as it relates to each Foundation. Mr. Paul Lemieux, Vice President of the Foundation provided an overview of responsibilities of the Foundation to the Senior Center. An audit is conducted every four years unless triggered by a large donation. Investment income did very well. The Foundation is funding the full cost of the City’s Senior Advocate position. Previously $60 – 70k was contributed, now funding $100k. The current MOU was included in the packet. The Committee discussed the Senior Cottage project. Currently waiting on project estimate to see if feasible to move forward. Estimating to build 6 of 12 units if project moves forward. The City has donated the land for the project and has pledged additional funding. The Committee was concerned with increased expenses with reduced donations. Fund raising efforts would benefit the Foundation. The template provided to the Foundation for their presentation was not used. The use of the presentation template was encouraged for the next presentation. V. Innovation and Technology (IT) Presentation Mr. Cameron Burell, Interim IT Director provided an overview of insurance coverage that is provided through IRMA for costs up to $1,000,000. Anything additional would be through additional insurance policies. An overview of third-party support used for incident response was provided. The Committee discussed if the insurance coverage was sufficient. The Committee discussed the current staffing levels of the department. Mr. Burrell will research additional insurance options. Mr. Burrell provided an overview of current initiatives and future goals of the department. The most important security area is the City’s employees. A dashboard was reviewed for input by the Committee. The Committee discussed the dashboard and provided feedback on what could be included. VI. Other Business Foundation Summary – The Croya Foundation and LFLB Senior Citizen Foundation were updated. Foundation Financial Review – Parks and Recreation Foundation and Police Foundation will provide presentations in April. The FY25 Audit Engagement Letter will be included on the agenda. Chairman Dillon thanked Elizabeth for her contribution to the Committee. VII. Opportunity for Public to Address the Audit Committee – No one requested to address the Audit Committee VIII. Adjournment There being no further business, a motion was made by Ms. Larisey to adjourn the meeting. The motion was seconded by Mr. Durkin. The motion was approved unanimous by voice vote. The meeting was adjourned at 7:34 pm. Respectfully submitted, Diane Hall Inerim Finance Director